Philosophical theories on the nature and origins of morality (that is, theories of meta-ethics) are broadly divided into two classes: Moral realism is the class of theories which hold that there are true moral statements that report objective moral facts.
As an S corporation, no corporate income tax would be levied. And when the income gets allocated to individual shareholders, they will probably pay a maximum rate of 40% to 44%. So that would mean around $400,000 to $440,000 in income taxes and then about $600,000 in leftover after tax profit.
Tax rate. S corporations are subject to the Personal Property Tax Replacement Income Tax (replacement tax), but do not pay regular Illinois income tax. The regular income tax is paid at the shareholder's level. Generally, income from an S corporation is passed on to the shareholders. The shareholders must include this income in their federal adjusted gross income (for individuals) or taxable income (for other taxpayers). This is the starting point for Illinois income tax purposes and where regular income tax is paid.